Washington—The Campaign for America’s Future has thrown its support behind the student loan relief bill introduced on Tuesday by Sen. Elizabeth Warren (D-Mass.)

CAF co-director Robert L. Borosage released the following statement:

“There are nearly 40 million Americans with outstanding student loan debt, which now averages $29,400 per graduate. That total increases with the rising costs of tuition, even at public colleges and universities, and by the failure of our own government to address college affordability.”

“These cruel debts are forcing a generation to put off saving, purchasing a home and even beginning a family. All agree that college education is a necessity, not a luxury in the modern world. It is a disgrace that in the U.S. it is becoming less and less affordable as it becomes more necessary. That is why we are enthusiastically endorsing Sen. Elizabeth Warren’s bill, which would allow borrowers with existing student loan debt to refinance at the same rate current undergraduates receive, currently 3.86 percent.”

“Homeowners can refinance their homes. A car loan can be had for under 3 percent. Yet college graduates are paying interest rates of nearly 7 percent or higher on existing undergraduate loans, and are unable to refinance.”

“We hope her colleagues in the Senate and the members of the House see how Senator Warren’s bill will brighten the future of millions of borrowers while at the same time energizing the U.S. economy.”

The Campaign for America's Future (CAF) is a center for ideas and action that works to build an enduring majority for progressive change. The Campaign advances a progressive economic agenda and a vision of the future that works for the many, not simply the few. The Campaign is leading the fight for America's priorities - for good jobs and a sustainable economy, and for strengthening the safety net.